The Reasons Behind the Explosive Growth!

-->Solana recently passed the $150 mark, a price not seen since January 2022. This increase coincided with bitcoin reaching a new all-time high by passing $70,000. Ethereum also managed to rise above $4,000 for the first time since 2021. Although solana dropped briefly after reaching this milestone, the price has largely recovered and is hovering around $150 at the time of writing.

Factors Behind Solana’s Recent Rise

Solana’s recent revival follows a general market rebound, with the cryptocurrency’s value recovering along with other major cryptocurrencies. In December, the price of solana exceeded $120, after which a period of stagnation followed. However, in recent weeks the price of solana has continued to rise.

While the current price of solana is significantly down from its peak of nearly $260 in November 2021, the recent increase is driven by several factors. In particular, the growing popularity of decentralized finance (DeFi) trading has contributed to the rise of solana. In addition, the rise of solana-based meme coins has increased the attractiveness of solana itself. For example, people buy SOL and then buy meme coins on the Solana blockchain.

Trading volume on Solana’s decentralized exchanges skyrockets

Trading volume on Solana decentralized exchanges (DEXs) has skyrocketed, surpassing that of Ethereum in the past 24 hours. Additionally, solana’s DeFi protocols now have more than $3.1 billion in total value locked (TVL), more than double the amount from just a month ago.

While Solana’s TVL is still below the peak levels seen in November 2021, this recent increase signals renewed interest in the platform’s capabilities. With the increasing trading of meme coins and rising activity in DeFi, solana’s upward trend looks set to continue in the short term.